Bill > H1217

This bill establishes the Massachusetts Private Flood Insurance Act, which aims to create a regulatory framework for private flood insurance in the state. The legislation defines flood insurance types, including "standard" and "nonstandard" policies, and requires insurers to file rates and forms with the state's insurance commissioner using a "use and file" approach. The bill mandates that flood insurance policies must clearly indicate they are not National Flood Insurance Program (NFIP) policies and must provide prominent disclosure of deductibles and policy limits. Insurers must establish rates based on actuarial data and cannot discriminate based on factors like age, race, or income. The act requires insurers to notify the commissioner before writing flood insurance, comply with existing insurance regulations, and provide customers with advance notice of policy renewals or cancellations. Surplus lines brokers are given flexibility to place flood insurance policies, and the Insurance Commissioner is tasked with tracking and annually reporting the number of private flood insurance policies in Massachusetts. The bill is designed to foster innovative flood insurance products, provide consumers with more choices, and create transparency in the private flood insurance market. The act will become effective 60 days after gubernatorial approval, with existing insurers having an additional 120 days to comply with the new requirements.

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https://malegislature.gov/Bills/194/H1217